Mon, 04th of May, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD attempted to push higher on Friday, topped at 1.3326 but closed lower at 1.3264. Technically my focus remains at the triangle formation in h4 chart. As we all know the pair attempted to breakout the triangle on April 30 but failed. We might have another attempt today so I will pay attention to the triangle as it is now in a critical phase. Immediate resistance is seen at 1.3326 (Friday’s high). Break above that area could trigger further bullish momentum. Initial support at 1.3225 followed by 1.3175. CCI in neutral area both on h4 and daily chart.

EURUSD Daily Supports and Resistances:

  • S1= 1.3212
  • S2= 1.3160
  • S3= 1.3103
  • R1= 1.3321
  • R2= 1.3378
  • R3= 1.3430
  • GBPUSD Outlook

    The GBPUSD had a bullish momentum on Friday. The pair topped at 1.4932 and closed at 1.4910. On hourly chart below we a bullish channel. The bias is bullish in nearest term but we seem to have important resistance at 1.4940 area. Break above that area could trigger further bullish momentum testing 1.5000 – 1.5060 area. Immediate support is seen at 1.4865. CCI just cross the 100 line up on daily chart suggesting a potential upside pressure.

    GBPUSD Daily Supports and Resistances:

  • S1= 1.4797
  • S2= 1.4684
  • S3= 1.4617
  • R1= 1.4977
  • R2= 1.5044
  • R3= 1.5157
  • USDJPY Outlook

    The USDJPY continued it’s bullish momentum on Friday. On hourly chart below we have ascending triangle appears after bullish momentum indicating a potential bullish continuation scenario. However the bias is neutral in nearest term. Immediate resistance is seen at 99.55 area. Break above that area could trigger further bullish momentum targeting 100.05 and 100.50 area. Initial support at 98.90. CCI just cross the 100 line down on h4 chart suggesting a potential downside pressure.

    USDJPY Daily Supports and Resistances:

  • S1= 98.66
  • S2= 98.07
  • S3= 97.63
  • R1= 99.69
  • R2= 100.13
  • R3= 100.72
  • USDCHF Outlook

    The USDCHF didn’t make significant movement on Friday. On hourly chart below we have a triangle formation indicating a consolidation phase. A break from the triangle should give us clearer direction. Immediate support is seen at 1.1333 (Friday’s low). Break below that level could trigger further bearish momentum. Initial resistance at 1.1415. CCI about to cross the -100 line down on daily chart suggesting a potential downside pressure.

    USDCHF Daily Supports and Resistances:

  • S1= 1.1324
  • S2= 1.1288
  • S3= 1.1243
  • R1= 1.1405
  • R2= 1.1450
  • R3= 1.1486
  • Have a great day!